Vimeo Acquired by Bending Spoons in $1.38 Billion Deal
▼ Summary
– Vimeo is being acquired by European software company Bending Spoons for $1.38 billion, with the deal expected to close later this year.
– Bending Spoons owns other businesses including Evernote, WeTransfer, and Meetup, and plans to operate Vimeo indefinitely.
– Vimeo launched in 2004 as a spinoff of CollegeHumor and has struggled to compete with YouTube over the years.
– The platform has recently increased hosting fees and shifted focus toward enterprise clients and creators seeking monetization.
– Vimeo’s CEO Philip Moyer joined last year as the company began exploring AI tools, and recently announced layoffs affecting 10% of the workforce.
In a landmark deal reshaping the digital media landscape, Vimeo has been acquired by European software firm Bending Spoons for a staggering $1.38 billion. The transaction, anticipated to finalize later this year, marks a significant expansion for Bending Spoons, which already oversees a diverse portfolio including Evernote, WeTransfer, and Meetup.
Founded in 2004 as an offshoot of CollegeHumor, Vimeo has consistently trailed behind industry titan YouTube in the competitive video hosting arena. In response to market pressures, the platform has recently increased its hosting fees and pivoted toward serving enterprise clients and creators seeking monetization opportunities. Under the leadership of CEO Philip Moyer, who joined last year, Vimeo has also begun integrating artificial intelligence tools into its offerings.
Just last week, Moyer disclosed plans to reduce Vimeo’s workforce by approximately 10%, a move reflecting broader strategic adjustments within the company. Luca Ferrari, CEO and co-founder of Bending Spoons, emphasized a long-term vision for the acquisition, stating, “At Bending Spoons, we acquire companies with the expectation of owning and operating them indefinitely, and we look forward to realizing Vimeo’s full potential as we reach new heights together.”
(Source: The Verge)
